Micron Technology — Dec 17, 2025 release

EX-99.1 EARNINGS RELEASE Document Exhibit 99.1 FOR IMMEDIATE RELEASE      Contacts: Satya Kumar Mark Plungy Investor Relations Media Relations satyakumar@micron.com mplungy@micron.com (408) 450-6199 (408) 203-2910 MICRON TECHNOLOGY, INC. REPORTS RESULTS FOR THE FIRST QUARTER OF FISCAL 2026 AI demand acceleration and Micron execution drive record fiscal Q1 results, including highest ever free cash flow BOISE, Idaho, December 17, 2025 – Micron Technology, Inc. (Nasdaq: MU) today announced results for its first quarter of fiscal 2026, which ended November 27, 2025. Fiscal Q1 2026 highlights • Revenue of $13.64 billion versus $11.32 billion for the prior quarter and $8.71 billion for the same period last year • GAAP net income of $5.24 billion, or $4.60 per diluted share • Non-GAAP net income of $5.48 billion, or $4.78 per diluted share • Operating cash flow of $8.41 billion versus $5.73 billion for the prior quarter and $3.24 billion for the same period last year “In fiscal Q1, Micron delivered record revenue and significant margin expansion at the company level and also in each of our business units,” said Sanjay Mehrotra, Chairman, President and CEO of Micron Technology. “Our Q2 outlook reflects substantial records across revenue, gross margin, EPS and free cash flow, and we anticipate our business performance to continue strengthening through fiscal 2026. Micron’s technology leadership, differentiated product portfolio, and strong operational execution position us as an essential AI enabler, and we are investing to support our customers’ growing need for memory and storage.” Quarterly Financial Results (in millions, except per share amounts) GAAP (1) Non-GAAP (2) FQ1-26 FQ4-25 FQ1-25 FQ1-26 FQ4-25 FQ1-25 Revenue $ 13,643  $ 11,315  $ 8,709  $ 13,643  $ 11,315  $ 8,709  Gross margin 7,646  5,054  3,348  7,753  5,169  3,441  Percent of revenue 56.0  % 44.7  % 38.4  % 56.8  % 45.7  % 39.5  % Operating expenses 1,510  1,400  1,174  1,334  1,214  1,047  Operating income 6,136  3,654  2,174  6,419  3,955  2,394  Percent of revenue 45.0  % 32.3  % 25.0  % 47.0  % 35.0  % 27.5  % Net income 5,240  3,201  1,870  5,482  3,469  2,037  Diluted earnings per share 4.60  2.83  1.67  4.78  3.03  1.79  For the first quarter of 2026, investments in capital expenditures, net (2) were $4.5 billion and adjusted free cash flow (2) was $3.9 billion. Micron ended the year with cash, marketable investments, and restricted cash of $12.0 billion. On December 17, 2025, Micron’s Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on January 14, 2026, to shareholders of record as of the close of business on December 29, 2025. 1 Quarterly Business Unit Financial Results FQ1-26 FQ4-25 FQ1-25 Cloud Memory Business Unit Revenue $ 5,284  $ 4,543  $ 2,648  Gross margin 66  % 59  % 51  % Operating margin 55  % 48  % 40  % Core Data Center Business Unit Revenue $ 2,379  $ 1,577  $ 2,292  Gross margin 51  % 41  % 50  % Operating margin 37  % 25  % 38  % Mobile and Client Business Unit Revenue $ 4,255  $ 3,760  $ 2,608  Gross margin 54  % 36  % 27  % Operating margin 47  % 29  % 15  % Automotive and Embedded Business Unit Revenue $ 1,720  $ 1,434  $ 1,158  Gross margin 45  % 31  % 20  % Operating margin 36  % 20  % 7  % Business Outlook The following table presents Micron’s guidance for the second quarter of 2026: FQ2-26 GAAP (1) Outlook Non-GAAP (2) Outlook Revenue $18.70 billion ± $400 million $18.70 billion ± $400 million Gross margin 67.0% ± 1.0% 68.0% ± 1.0% Operating expenses $1.56 billion ± $20 million $1.38 billion ± $20 million Diluted earnings per share $8.19 ± $0.20 $8.42 ± $0.20 Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com . Investor Webcast Micron will host a conference call on Wednesday, December 17, 2025 at 2:30 p.m. Mountain Time to discuss its first quarter financial results and provide forward-looking guidance for its second quarter. A live webcast of the call will be available online at investors.micron.com . A webcast replay will be available for one year after the call. We encourage you to visit our website at micron.com throughout the quarter for the most current information on the company, including information on financial conferences that we may be attending. You can also follow us on LinkedIn, X (@MicronTech) and YouTube (@MicronTechnology). 2 About Micron Technology, Inc. Micron Technology, Inc. is an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com . © 2025 Micron Technology, Inc. All rights reserved. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners. Forward-Looking Statements This press release contains forward-looking statements regarding our industry, our strategic position, and our financial and operating results, including our guidance for the second quarter of 2026. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, including our most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at investors.micron.com/risk-factor . Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements to conform these statements to actual results. (1) GAAP represents U.S. Generally Accepted Accounting Principles. (2) Non-GAAP represents GAAP excluding the impact of certain activities, which management excludes in analyzing our operating results and understanding trends in our earnings; adjusted free cash flow; investments in capital expenditures, net; and business outlook. Further information regarding Micron’s use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release. 3 MICRON TECHNOLOGY, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share amounts) (Unaudited) 1st Qtr. 4th Qtr. 1st Qtr. November 27, 2025 August 28, 2025 November 28, 2024 Revenue $ 13,643  $ 11,315  $ 8,709  Cost of goods sold 5,997  6,261  5,361  Gross margin 7,646  5,054  3,348  Research and development 1,171  1,047  888  Selling, general, and administrative 337  314  288  Other operating (income) expense, net 2  39  (2) Operating income 6,136  3,654  2,174  Interest income 139  146  107  Interest expense (74) (124) (118) Other non-operating income (expense), net (140) (45) (11) 6,061  3,631  2,152  Income tax (provision) benefit (829) (429) (283) Equity in net income (loss) of equity method investees 8  (1) 1  Net income $ 5,240  $ 3,201  $ 1,870  Earnings per share Basic $ 4.66  $ 2.86  $ 1.68  Diluted 4.60  2.83  1.67  Number of shares used in per share calculations Basic 1,125  1,120  1,111  Diluted 1,138  1,131  1,122  4 MICRON TECHNOLOGY, INC. CONSOLIDATED BALANCE SHEETS (In millions) (Unaudited) As of November 27, 2025 August 28, 2025 Assets Cash and equivalents $ 9,731  $ 9,642  Short-term investments 587  665  Receivables 10,184  9,265  Inventories 8,205  8,355  Other current assets 958  914  Total current assets 29,665  28,841  Long-term marketable investments 1,697  1,629  Property, plant, and equipment 48,477  46,590  Operating lease right-of-use assets 700  736  Intangible assets 465  453  Deferred tax assets 641  616  Goodwill 1,150  1,150  Other noncurrent assets 3,176  2,783  Total assets $ 85,971  $ 82,798  Liabilities and equity Accounts payable and accrued expenses $ 9,796  $ 9,649  Current debt 569  560  Other current liabilities 1,695  1,245  Total current liabilities 12,060  11,454  Long-term debt 11,187  14,017  Noncurrent operating lease liabilities 669  701  Noncurrent unearned government incentives 1,148  1,018  Other noncurrent liabilities 2,101  1,443  Total liabilities 27,165  28,633  Commitments and contingencies Shareholders’ equity Common stock 127  127  Additional capital 13,610  13,339  Retained earnings 53,344  48,583  Treasury stock (8,152) (7,852) Accumulated other comprehensive income (loss) (123) (32) Total equity 58,806  54,165  Total liabilities and equity $ 85,971  $ 82,798  5 MICRON TECHNOLOGY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Three months ended November 27, 2025 November 28, 2024 Cash flows from operating activities Net income $ 5,240  $ 1,870  Adjustments to reconcile net income to net cash provided by operating activities:     Depreciation expense and amortization of intangible assets 2,212  2,030  Stock-based compensation 290  220  Change in operating assets and liabilities: Receivables (871) (817) Inventories 150  170  Accounts payable and accrued expenses 156  (241) Other current liabilities 449  (161) Other noncurrent liabilities 547  132  Other 238  41  Net cash provided by operating activities 8,411  3,244  Cash flows from investing activities     Expenditures for property, plant, and equipment (5,389) (3,206) Purchases of available-for-sale securities (255) (377) Proceeds from government incentives 878  65  Proceeds from maturities and sales of available-for-sale securities 268  428  Other (96) (58) Net cash used for investing activities (4,594) (3,148) Cash flows from financing activities     Repayments of debt (2,943) (84) Repurchases of common stock - withholdings on employee equity awards (367) (207) Repurchases of common stock - repurchase program (300) —  Payments of dividends to shareholders (134) (131) Other (1) —  Net cash used for financing activities (3,745) (422) Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash 14  (29) Net increase (decrease) in cash, cash equivalents, and restricted cash 86  (355) Cash, cash equivalents, and restricted cash at beginning of period 9,646  7,052  Cash, cash equivalents, and restricted cash at end of period $ 9,732  $ 6,697  6 MICRON TECHNOLOGY, INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES (In millions, except per share amounts) 1st Qtr. 4th Qtr. 1st Qtr. November 27, 2025 August 28, 2025 November 28, 2024 GAAP gross margin $ 7,646  $ 5,054  $ 3,348  Stock-based compensation 107  115  90  Other —  —  3  Non-GAAP gross margin $ 7,753  $ 5,169  $ 3,441  GAAP operating expenses $ 1,510  $ 1,400  $ 1,174  Stock-based compensation (173) (147) (127) Restructure and asset impairments —  (38) —  Other (3) (1) —  Non-GAAP operating expenses $ 1,334  $ 1,214  $ 1,047  GAAP operating income $ 6,136  $ 3,654  $ 2,174  Stock-based compensation 280  262  217  Restructure and asset impairments —  38  —  Other 3  1  3  Non-GAAP operating income $ 6,419  $ 3,955  $ 2,394  GAAP net income $ 5,240  $ 3,201  $ 1,870  Stock-based compensation 280  262  217  Restructure and asset impairments —  38  —  Loss on debt prepayments 130  9  —  Other (20) 1  —  Estimated tax effects of above and other tax adjustments (148) (42) (50) Non-GAAP net income $ 5,482  $ 3,469  $ 2,037  GAAP weighted-average common shares outstanding - Diluted 1,138  1,131  1,122  Adjustment for stock-based compensation 10  14  16  Non-GAAP weighted-average common shares outstanding - Diluted 1,148  1,145  1,138  GAAP diluted earnings per share $ 4.60  $ 2.83  $ 1.67  Effects of the above adjustments 0.18  0.20  0.12  Non-GAAP diluted earnings per share $ 4.78  $ 3.03  $ 1.79  7 RECONCILIATION OF GAAP TO NON-GAAP MEASURES, Continued 1st Qtr. 4th Qtr. 1st Qtr. November 27, 2025 August 28, 2025 November 28, 2024 GAAP net cash provided by operating activities $ 8,411  $ 5,730  $ 3,244  Expenditures for property, plant, and equipment (5,389) (5,658) (3,206) Proceeds from sales of property, plant, and equipment 6  20  9  Proceeds from government incentives 878  711  65  Investments in capital expenditures, net (4,505) (4,927) (3,132) Adjusted free cash flow $ 3,906  $ 803  $ 112  The tables above reconcile GAAP to non-GAAP measures of gross margin, operating expenses, operating income, net income, diluted shares, diluted earnings per share, and adjusted free cash flow. The non-GAAP adjustments above may or may not be infrequent or nonrecurring in nature, but are a result of periodic or non-core operating activities. We believe this non-GAAP information is helpful in understanding trends and in analyzing our operating results and earnings. We are providing this information to investors to assist in performing analysis of our operating results. When evaluating performance and making decisions on how to allocate our resources, management uses this non-GAAP information and believes investors should have access to similar data when making their investment decisions. We believe these non-GAAP financial measures increase transparency by providing investors with useful supplemental information about the financial performance of our business, enabling enhanced comparison of our operating results between periods and with peer companies. The presentation of these adjusted amounts varies from amounts presented in accordance with U.S. GAAP and therefore may not be comparable to amounts reported by other companies. Our management excludes the following items as applicable in analyzing our operating results and understanding trends in our earnings: • Stock-based compensation; • Gains and losses from debt prepayments; • Restructure and asset impairments; and • The estimated tax effects of above, non-cash changes in net deferred income taxes, assessments of tax exposures, certain tax matters related to prior fiscal periods, and significant changes in tax law. The divergence between our GAAP and non-GAAP income tax (provision) benefit relates to the difference in our GAAP and non-GAAP estimated annual effective tax rates, which are computed separately. Non-GAAP diluted shares are adjusted for the impact of additional shares resulting from the exclusion of stock-based compensation from non-GAAP income. 8 MICRON TECHNOLOGY, INC. RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK FQ2-26 GAAP Outlook Adjustments Non-GAAP Outlook Revenue $18.70 billion ± $400 million —  $18.70 billion ± $400 million Gross margin 67.0% ± 1.0% 1.0% A 68.0% ± 1.0% Operating expenses $1.56 billion ± $20 million $180 million B $1.38 billion ± $20 million Diluted earnings per share (1) $8.19 ± $0.20 $0.23 A, B, C $8.42 ± $0.20 Non-GAAP Adjustments (in millions) A Stock-based compensation – cost of goods sold $ 125  B Stock-based compensation – research and development 119  B Stock-based compensation – sales, general, and administrative 61  C Tax effects of the above items and other tax adjustments (48) $ 257  (1) GAAP earnings per share based on approximately 1.14 billion diluted shares and non-GAAP earnings per share based on approximately 1.15 billion diluted shares. The tables above reconcile our GAAP to non-GAAP guidance based on the current outlook. The guidance does not incorporate the impact of any potential business combinations, divestitures, additional restructuring activities, balance sheet valuation adjustments, strategic investments, financing transactions, and other significant transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control. 9